Skills for a Sustainable Business Enterprise

AIM To understand what is meant by enterprise in individuals. Learning Outcomes: To appreciate what attributes and skills are considered necessary for a person to be said to be ‘enterprising’.

What entrepreneur did you discover? What was unique about them? What made them an entrepreneur? Map your self against the Skills Attributes and Behaviours Matrix Last Week: Task:

Entrepreneurial attributes Core attributes Commitment, Determination, Leadership, Opportunity obsession, Risk acceptance, Ambiguity, Uncertainty, Creativity, Self-reliance, Adaptable, Motivation to excel Desirable attributes Capacity to inspire Values Energy, Health, Emotional stability Creativity and Innovativeness Intelligence Non-entrepreneurial attributes Being macho Perfectionist Impulsiveness Being antiauthoritarian Counter dependency Knows it all Invulnerability External locus of control

Elements needed E/P = M + E/S +B/S Where: E/P = entrepreneurial performance M= motivation (nAch) E/S= entrepreneurial skills (creativity, innovation, risk taking, opportunity recognition) B/S= business skills (business plan, financial and marketing skills)

Enterprise Enterprise is a popular word and is used in a variety of often desirable and positive contexts. It is often limited to a business context or just meaning ‘a business’. Others associate with a wider meaning; an attitude to life.

Myths Entrepreneurs are born and not made Anyone can start a business/project Entrepreneurs are gamblers Entrepreneurs want the whole show to themselves Entrepreneurs are their own bosses and are completely independent Entrepreneurs work harder and longer than other managers

Entrepreneurs experience a great deal of stress and pay a high price Start a business/project and fail and you will never make it again Money is the most important startup ingredient Entrepreneurs should be young and energetic More Myths

Drive to become entrepreneurial (opportunity) No other alternatives (necessity) ENTREPRENEURSHIP Independence Achievement Recognition Personal development Personal wealth* Unemployment Job insecurity Disagreement with management Does not “fit in” with the organisation No other alternatives Dissatisfaction in traditional jobs PULL FACTORS PUSH FACTORS Push and pull factors

Challenges facing Entrepreneurs Although there are various positives which motives entrepreneurs, there will always be challenges as well. Can be lonely if you have no support network Perceived access to start-up capital – it is not the availability of money but the me-too ideas that is the problem

Availability of cutting edge technology Knowledge about market – production mindset is still common and not customer orientation Access to human resources – especially in technological field

Find the idea that matches your profile Find the one that rings your bell! List the things you wanted to do. List the things you actually implemented. Try to categorize them: really enjoyed, half enjoyed, not enjoyed at all Try and find reasons for above categories Focus on areas where enjoyment was really high

Mapping your resources Your own skills, knowledge and experiences Your assets e.g savings, shares, equipment, computer Your contacts e.g. angels, cheap places to stay

Are you an entrepreneur? Task: Complete Entrepreneurial Test r_Test.15.0.html

ANY QUESTIONS?